VISA & MASTER CARD DISREGARD INTERNATIONAL SANCTIONS FOR IRAN | MONTE FRIESNER BREAKING NEWS |

US SANCTIONS ELAF ISLAMIC BANK FOR IRAN SANCTIONS VIOLATIONS

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA ~

 

Contributed & Written by Kenneth Rijock

The US Department of the Treasury has filed sanctions against Elaf Islamic Bank, of Baghdad, for significant transactions with the sanctioned Export Development Bank of Iran. The bank, formerly known as Barakaat Bank for Investment & Funding, is not to be confused with other Middle Eastern financial institutions of similar name.

Treasury's announcement, which was made pursuant to the Comprehensive Iran Sanctions, Accountability and  Divestment Act of 2010 (CISADA),  stated that the bank had "significant financial transactions and provided significant financial services for a designated Iranian bank." Export Development Bank was sanctioned by the US in 2008, and by the EU in 2010.

Elaf Islamic Bank's SWIFT/BIC is ELAF IQ BA. It is now denied access to the US financial system, and all banks that have corespondent or payable-through accounts for Elaf must close them by 10 August.

I humbly suggest that you take this regulatory action as a wake-up call regarding Iraqi banks.

(1)You really need to conduct an on-site inspection before engaging in any major relationship with a financial institution whose principal office is located in Iraq.

(2) Who are its correspondent banks, and are any of them in Iran, Syria or Cuba ?

(3) What are the backgrounds of its senior leadership ?

(4) Is is possible there are Iranian stockholders of the bank ? This is the case with some.

(5) Is the bank funneling US Dollar notes, in bulk, to any jurisdiction that would bother US regulators ?

(6) How was the initial capitalisation of the bank accomplished ? Source of Funds, please.

If you cannot get satisfactory answers to these questions, do not engage with the bank.

 

NOTE: Over the next few week many Banks, Financial Institutions, Insurance Companies, Corporations, Individuals will be exposed for their Activities, Greed, Capture of Money and Illegal Activities without regard for any form of Law, Sanctions or Conscience.

 

WANTED SA kindly thanks US Treasury, Kenneth Rijock, AFP, Reuters, BBC, Associated Press, DEA, FBI, ICE, Westlaw, Arutz Sheva, and all the Parties, Press, Journalists, Law Enforcement and Securities forces  who have contributed to the many articles and their sincere opinions and statements.

 

WANTED SA states that the facts and opinions stated in this article are those of the author and not those of WANTED SA. We do not warrant the accuracy of any of the facts and opinions stated in this article nor do we endorse them or accept any form of responsibility for the articles.

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